An alternative to alternatives

One approach - multi-asset and unbenchmarked

Ruffer’s aim is to deliver positive returns, regardless of how the financial markets perform.

Our conservative investment process uses conventional assets in a different way to most managers. It is designed to protect and grow the value of our clients’ assets – avoiding large losses, and harnessing the power of compounding over time.

Put simply, we take on the responsibility for managing risk on behalf of the client.



Single approach - multi-asset and unbenchmarked 


Unchanged since we started in 1994


Long-term returns ahead of cash, inflation and equities
Protection Clients protected from the bursting of the bubble, the credit crisis and the crash in Q1 2020, but please remember past performance is not a guide to future performance
Process Distinctive, clear and repeatable 


Fully integrated into our investment process
Who to contact
Alex Lennard
Investment Director
Joined Ruffer in 2006 after graduating from Exeter University with an honours degree in economics and finance; he is a member of the Chartered Institute for Securities & Investment. He initially worked as assistant to Jonathan Ruffer and now manages investment portfolios, concentrating on family offices and corporate pension schemes. He is co–manager of Ruffer Total Return International.
David Benson
Investment Director
After graduating from Oxford University, he worked at Phillips & Drew Fund Management (1991–1999), predominantly managing UK equity portfolios for pension funds. A consultant for McKinsey & Company from 1999, he joined Deutsche Asset Management in 2004. In 2005, worked as a fund manager at Société Générale, focusing on pooled UK equity and multi–asset portfolios for UK institutions and retail investors. He joined Ruffer in 2010.
Institutional clients account for £14.2 billion of Ruffer’s £23.0 billion under management
AS AT 30 June 2021
Where does Ruffer fit?

We have a distinctive investment style, offering an alternative to volatile equity investment and to traditional active fund management. 

Our approach is sometimes categorised as ‘diversified growth’ or ‘dynamic asset allocation’.

Typically, institutional clients use Ruffer in one of three ways

  • as the manager for all of their assets
  • as part of their allocation to uncorrelated alternative assets
  • as part of the growth assets in a strategic asset allocation
We take on the duty of allocating assets and managing risk – with all the responsibility this brings.
Henry Maxey, Chief Investment Officer
Our investment service

Ruffer provides discretionary investment management to institutional clients.

This includes pension funds, family offices, wealth managers, local governments, corporations, investment companies and insurance companies.

Institutions that invest with Ruffer can have their own segregated portfolio, or invest via a pooled fund.

Segregated portfolios can be tailored to clients’ requirements – to incorporate investment restrictions, for example.

A changing of the guard is also the way of the world – and on its way. We are preparing for a time when high taxes – on capital gains, wealth, and income – effectively constrain capital accumulation.
Jonathan Ruffer , Chairman
For investors, natural capital is no longer purely an environmental concern. It is also a financial one, that should not be ignored.
Alexia Palacios, Analyst, Responsible Investment
The markets have wired themselves to the wrong inevitabilities.
Henry Maxey, Chief Investment Officer, ON THE DEFLATION MACHINE
80 Victoria Street
London SW1E 5JL
31 Charlotte Square
Edinburgh EH2 4ET
103 boulevard Haussmann
75008 Paris, France